25-Year Prison Sentence for FTX Founder Sam Bankman-Fried
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A federal judge decided on Thursday that Sam Bankman-Fried must serve 20 years in jail for the fraud and conspiracy that finally brought down his once-dominant cryptocurrency exchange, FTX, according to Reuters. A year after FTX filed for Chapter 11 bankruptcy, in November, Bankman-Fried was found guilty on seven criminal counts. Judge Lewis Kaplan made his decision known during a hearing in a Manhattan courthouse. Expected to challenge his conviction, the former CEO of FTX could not file an appeal until after Kaplan’s sentencing ruling.
